Gübretaş Maden Yatırımları AŞ, a subsidiary of Turkey Agricultural Credit Cooperatives, continues its work in the Söğüt Gold Mine. Visiting the project where 3.5 million ounces of gold reserves were discovered, General Manager of Turkey Agricultural Credit Cooperatives and Chairman of the Board of Gübretaş Maden Yatırımları AŞ, Fahrettin Poyraz made statements about the developments in the project. Gübretaş Maden Yatırımları General Manager Halit Semih Demircan and company executives also accompanied Poyraz.
Stating that both mining and facility establishment activities continue in the project, Poyraz stated that “We aim to produce 6 to 7 tons of gold annually when our facility starts operating at full capacity. We will pour our first gold nugget at the end of 2022.”
Poyraz continued as follows: “ We are doing several works at the same time in the project. As stated, on the one hand, project design studies were carried out and completed. Hopefully, we will accelerate our work in the next few weeks after the EIA report comes to the approval of the Minister. As you know, an urgent expropriation decision was made with the signature of our President last week, and the transfer of ownership of the lands here to the Treasury began. After completing these process in a few weeks, our estimate is that we will quickly start our work here in the next month, both for mining and for the establishment of the facility.”
Noting that facility installation was divided into 3 phases, Poyraz stated that some of the machinery equipment orders were placed in the scope of the first phase of the facility installation. Poyraz made the following comments: “After the arrival of all the equipment, as of New Year’s Eve, the construction activities will be started and after the first phase facility installation was completed in 2022, mineral processing works will be carried out. We want to pour our first gold At the end of 2022 and bring it to the Turkish economy.”
The company aims for an annual production capacity of 6 to 7 tons in the project. Considering that annual gold production of Turkey was around 42 tons in 2020, expected production will have contributed 15 percent of the Turkeys total gold production.
